Inducto Steel Limited promoter Rajeev Shantisarup Reniwal disclosed an inadvertent non-compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure relates to the failure to provide prior intimation for a gift acquisition of 3.82% equity shares from his mother, Mrs. Lalitadevi Shantisarup Reniwal.

The transaction involved an inter-se transfer among promoters, exempted from open offer requirements under Regulation 10(1)(a)(i) and (ii). However, the mandatory prior intimation under Regulation 10(5), required at least four working days before the acquisition, was not submitted. The transfer occurred on August 18, 2026, and August 20, 2026.

Transaction Details

The acquisition was executed by way of gift, involving no monetary consideration. The total number of shares transferred was 1,53,375, representing 3.82% of the paid-up equity share capital and voting rights. The following table outlines the shareholding pattern before and after the transaction:

Individual Holding Shift

Consequent to the acquisition, Rajeev Shantisarup Reniwal’s individual holding in the company increased from 3,37,526 equity shares (8.40%) to 4,90,901 equity shares (12.22%). The transfer involved two specific tranches: 375 shares on August 18, 2026, and 1,53,000 shares on August 20, 2026.

Regulatory Context and Remediation

Rajeev Shantisarup Reniwal stated that the omission was inadvertent. He confirmed that the requisite post-acquisition disclosures are being submitted to the stock exchanges for their records. The acquirer assured that due care would be exercised to ensure timely compliance with applicable disclosure requirements in the future.

The transaction details were filed with BSE Limited on September 24, 2026. The filing included declarations confirming compliance with Chapter V of the Takeover Regulations, despite the missed timeline for the initial intimation. Company Secretary Diana Piazad Palia subsequently signed off on the submission to BSE on September 25, 2026, formally placing the circumstances of the inadvertent lapse on record and requesting dissemination of the disclosure under Regulation 10(6).

What the Numbers Show

The transfer consolidated the promoter group's holding from 65.50% to 69.32%. This shift indicates a consolidation of voting rights within the immediate family unit, moving shares from one promoter entity to another without altering the overall promoter group strength or introducing external stakeholders. The zero consideration value underscores the familial nature of the transfer, distinct from market-based acquisitions.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE146H01018/7c15e646-7c7b-49b8-a631-b2cbfb27a79c.pdf

Inducto Steel has scheduled its 38th Annual General Meeting (AGM) for Wednesday, September 30, 2026. The meeting will be held via video conferencing or other audio-visual means at 10:00 am IST.

The company confirmed the cut-off date for determining shareholder eligibility for remote e-voting and voting at the AGM is Wednesday, September 23, 2026. This intimation was issued in compliance with Regulation 42 and 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Agenda Items

The primary business of the meeting involves the adoption of the company's audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. Shareholders will also consider the re-appointment of Mrs. Sweety Reniwal as a director, who retires by rotation.

Under special business, the board seeks shareholder approval for the remuneration of M/s. Kewlani & Associates, Cost Accountants. The firm was appointed by the board to audit the cost records for the financial year ending March 31, 2027.

The proposed remuneration for the cost audit is ₹40,000 plus applicable taxes and out-of-pocket expenses. The explanatory statement confirms that no directors or key managerial personnel have a financial interest in this resolution.

Voting and Participation

Remote e-voting will commence on Sunday, September 27, 2026, at 9:00 am and conclude on Tuesday, September 29, 2026, at 5:00 pm. The facility is provided through National Securities Depository Limited (NSDL). The company will also provide the facility of voting through e-voting systems during the AGM.

Institutional investors intending to appoint authorized representatives must submit certified copies of their board resolutions or power of attorney to the scrutinizer via email. The company has appointed Mr. Dilip Bharadiya of M/s. Dilip Bharadiya & Associates as the scrutinizer for the voting process.

Shareholder Communication and Compliance

In compliance with Regulation 36(1)(b) of the SEBI Listing Regulations, the company is sending letters to members who have not registered their email addresses. These letters provide the web-link to access the Annual Report for FY 2025-26 and the Notice convening the 38th AGM. The annual report is available on the company's website.

The company also reminded shareholders holding physical securities to update their KYC details, including PAN, address, mobile number, bank account details, specimen signature, and nomination choice. This is pursuant to SEBI Master Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 7, 2024. Security holders with incomplete KYC details in physical folios are eligible for payments only through electronic mode effective from April 1, 2024.